A joint venture between Centric Development and Sage Equities sold a portfolio of five Atlanta-area senior-housing communities for $147 million.
The communities are:
* Brickmont at Acworth in Acworth
* Brickmont at Johns Creek in Cumming
* Brickmont at Roswell in Alpharetta
* Brickmont at West Cobb in Marietta
* Brickmont at Woodstock in Woodstock
The all-cash sale was arranged by JLL Capital Markets, which described the buyer as a publicly traded institutional investor.
The portfolio consists of 611 units and 701 beds of assisted-living and memory care developed by Centric Development between 2018 and 2022. Units feature kitchenettes with granite countertops, stainless-steel appliances, 10-foot ceilings, hardwood-like flooring and full-sized closets. Units come in studio, one- and two-bedroom layouts.
Community amenities include restaurant-style and private dining, bistros and bars, movie theaters, art studios, game rooms and landscaped courtyards with fountains.
Claiborne Senior Living will continue to manage the communities.
JLL’s National Seniors Housing Capital Markets team was led by senior managing directors Jay Wagner, Rick Swartz and Aaron Rosenzweig; Senior Director Tim Hosmer; and Analyst Erik Von Hamm with assistance from Senior Managing Director Anthony Fertitta, Managing Director Joel Mendes and Senior Managing Director Peter Yorck.
“This portfolio offered a unique opportunity to acquire five high-quality and recently constructed properties below replacement cost in affluent Atlanta submarkets,” Wagner said. “We generated significant investor interest across REITs, private-equity groups and senior-living operators. Investors were highly interested in the opportunity to gain immediate scale in a target market.”
Brickmont at Acworth, Acworth, Brickmont at Johns Creek, Cumming, Brickmont at Roswell, Alpharetta, Brickmont at West Cobb, Marietta, Brickmont at Woodstock, Woodstock